Reversing a transaction in the next period
When entering a WIP adjustment in the 1-3 Journal Transactions window, you can reverse the transaction in the following period. Doing so allows you to calculate the over or under billing without having to compensate for previous WIP adjustments.
When you select the Reverse in Next Period checkbox and post the transaction, Sage 100 Contractor simultaneously posts the transaction you entered and a reversing entry the next period.
To reverse a transaction in the next period, select the Reverse in Next Period checkbox.
Note: If posting a transaction to period 12, you cannot select the Reverse in Next Period checkbox. Post the transaction, and then after closing the books for the fiscal year manually post the reversing entry to period 1.